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Senate committee recommends due pass on bill tightening service contract provider financial requirements
Summary
The Washington Senate Business, Financial Services & Trade Committee voted to give House Bill 1006 a due-pass recommendation after staff summarized changes to financial responsibility rules for service contract and product guarantee providers and a fiscal note from the Office of the Insurance Commissioner.
The Washington State Senate Business, Financial Services & Trade Committee voted March 26 to recommend House Bill 1006 for passage and to send it to the rules committee.
Committee staff member John Kim summarized the bill for the committee, saying it revises financial responsibility requirements for service contract providers and protection product guarantee providers and noting a fiscal note is available. Kim said the Office of the Insurance Commissioner estimated $5,757,000 in operating expenditures in the current biennium related to the bill.
The bill had been heard previously in the committee on March 13 and is identical to Senate Bill 5108, which Kim told the committee had passed the full Senate 49-0; he also said the House vote on the companion passed 96-0. Committee discussion at the March 26 meeting did not introduce amendments.
After returning from a brief caucus, a committee member moved that House Bill 1006 receive a due-pass recommendation and be sent to the rules committee. The committee approved the motion by voice vote. The chair announced the motion passed and said the bill is “passed subject to signature.”
No amendments were adopted in committee and Kim noted the fiscal estimate from the Office of the Insurance Commissioner. The committee did not direct further study or make a separate policy change at the March 26 meeting.
The committee action advances the bill toward consideration by the full Senate. The Office of the Insurance Commissioner is identified in the bill materials as the source of the fiscal estimate.
